Have you tried to engage in conversation about cryptocurrency and end up completely lost? You’re not alone! There are several terms that you should know to talk about crypto successfully! Thankfully, we’re to help, so you don’t have to be Einstein to understand these terms.
Category 1: Buying/Selling
- Airdrop- Sending tokens or coins for free to specific wallets.
- Gas- The cost of the computing power used when buying or selling on the ETH blockchain. Is translated into a fee that you pay when buying or selling.
- Dust- the small amount you leave behind when transferring your crypto.
- Mooning- A cryptocurrency is suddenly increasing in value.
- Fire Sale- purchasing crypto when the cost is extremely low.
- Apeing- Buying new crypto without looking into it.
- Pump and Dump- False recommendations boost the price of crypto (pump) and then it is sold at a higher price (dump).
- Rug Pull- Founders of a token sell all of their holdings and take a huge profit.
- BTD- Buy the dip; purchase crypto when the cost is low.
- Rekt- when you lose a lot of money.
- WAGMI- We are gonna make it!
- DYOR- Do your own research.
Category 2: The Crypto Market
- Bear Market- When the market is declining/going negative over a period of time.
- Bull Market- When the market is trending upward over a period of time.
- Bearish- When the market is trending down.
- Bullish- When the market is trending up.
- To the moon- When a cryptocurrency is rapidly increasing, or expression of wanting a cryptocurrency to rapidly increase.
- Whales- Investors who hold so much of a token that they can change the market with a single sale.
- Weak Hands/Paper hands- Investors who sell their crypto if the market drops even just a little.
- Strong Hands/Diamond hands- Investors who hold their crypto even when the market drops.
- WAGMI- We’re all going to make it.
- NGMI- Not going to make it.
- FUD- Fear, uncertainty, doubt.
- ATH- All-time high.
- HODL- Hold on for dear life. Commonly used when crypto is trending down more than it is up.
Category 3: Misc Terms
- Fiat- Government-backed currency such as the U.S. dollar.
- Altcoin- Any coin that is not bitcoin.
- DeFi- Decentralized finance; financial products and services that are built in the crypto world.
- DAO- Decentralized Autonomous Organization. Simply put, a group is not governed by a single person.
- KYC- Know your customer. Used to enhance security.
- Cryptosis- Obsessed with knowing more about the crypto market than everyone else.
- PFP- Profile Picture (usually referring to NFTs).
- Degen- People, especially with NFTs, who take overly risky bets on their investments.
We hope this has helped you succeed in all future crypto conversations! You don’t have to be Einstein to know about cryptocurrency. Bundil makes investing in crypto and learning about crypto easy!
We hope this article helped! Please reach out to firstname.lastname@example.org if you have anything you would like us to cover. (there are no stupid questions!)
-The Bundil Team